InstaForex Nigeria Monthly Technical Analysis for September 2020
As we transition into an uptrend, the pairs call for an opportunity to go long upon the rejection from the major support level at 1.05894 and then breaking out of the downward Pitchfork.
While we expect the upward Andrew Pitchfork to provide future support as we ride up north, the 1.11312 zone remains our next resistance.
With risk reward close to 1:2 on the initial target, a break above 1.11312 would further declare the trade a higher reward.
Buy | Po: 1.08152 | SL: 1.04600 | TP1: 1.11312 | TP2: 1.14250
An evidently bearish market on the overall. The pair has indicated a double top on the inner resistance close to the resistance and downward trendline.
The bears are still expected to be in charge however a mini support around 0.65000 should not be overlooked…we can cover part of the position here.
The 0.61970 zone remains our key support, providing a better reward on the risk
Sell | Po: 0.66855 | SL: 0.69265 | TP1: 0.65000 | TP2: 0.61970
The alternate scenario would be to lookout for a buy stop order above 0.70247 in case of loss
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